February 3, 2025

Frontenac Welcomes Water Infrastructure Solutions Provider, CROM, as its Newest Portfolio Company

Gainesville, FL

Frontenac today announced the acquisition of CROM, a solutions provider for water infrastructure. The company is headquartered in Gainesville, FL and operates across the Sun Belt, with regional offices in Florida, North Carolina, Tennessee, and Texas. Frontenac acquired the business from Sciens Water. Financial terms of the transaction were not disclosed.

CROM is dedicated to the innovation, design, construction, restoration, and maintenance of the nation’s essential infrastructure with a portfolio of products and services that include a large installed base of prestressed concrete tanks, its CROM2 branded watertight tensioned straight wall tanks, and end-to-end restoration services. Since its founding in 1953, CROM has constructed over 4,800 water tanks with capacities of up to 30 million gallons. CROM tanks are utilized for diverse functions, including potable and reuse water storage, wastewater treatment, thermal storage, flow equalization, and industrial storage and treatment. CROM’s newest patent-pending innovation, CROM2 watertight tensioned straight wall tanks, are engineered to surpass industry standards and redefine the durability of traditional cast-in-place tanks. The company’s robust service offering includes turnkey inspection, maintenance, and restoration of essential water and wastewater infrastructure.

Bobby Oyenarte, CEO of CROM, said, “CROM was built on the core values of respect, honesty, integrity, and team unity.  The company delivers innovative solutions through purpose-driven performance, centered around client satisfaction.  We’re excited to have a partner in Frontenac that embraces those values. Frontenac understands the complexities and opportunities in our market and has been a thought partner as we’ve built our plan for the future. We’re ready to get to work on CROM’s next chapter.”

“Bobby and his team have built a scaled water asset with a long history of service and performance,” said Ron Kuehl, Managing Partner at Frontenac. “It’s a fantastic foundation tied to strong market tailwinds which we look forward to building upon through organic and inorganic growth initiatives. We are thrilled to partner with Bobby and the entire CROM team and look forward to supporting the company’s continued evolution.”

Frontenac’s investment in CROM is the result of a thesis-backed pursuit in the water and wastewater category alongside CEO1ST Partner and water industry veteran, Jim McGivern. Jim previously served as COO of American Water, the largest private utility in the U.S. and is the current Chairman of Newterra, a water and wastewater treatment company and active Frontenac investment. Jim commented, “CROM’s innovative solutions and service capabilities position it well within the growing water and wastewater market. I look forward to partnering with CROM and Frontenac to execute on the growth opportunities ahead.” Jim joined the board of CROM as Chairman at closing.  

As part of the next stage of growth, CROM is actively seeking partnerships with water and wastewater and infrastructure businesses who are looking for a strategic partner to help them reach their goals and expand their offerings.

The transaction closed on January 31, 2025. Raymond James served as financial advisor to CROM in connection with this transaction.

About CROM

CROM is a water infrastructure solutions provider focused on the innovation, design, construction, restoration, and maintenance of the nation’s water and wastewater facilities. Based in Gainesville, FL, CROM specializes in the design and construction of prestressed concrete tanks, concrete removal and surface preparation, durability inspections and assessments, infrastructure upgrades, high-performance coatings, shotcrete, and structural restoration solutions. For more information, please visit www.cromcorp.com.

About Frontenac

Frontenac is a Chicago-based private equity firm. The firm focuses on investing in lower middle market buyout transactions in the consumer, industrial, and services industries. Frontenac works in partnership with established operating leaders, through an executive-centric approach called CEO1ST®, which seeks to identify, acquire, and build market-leading companies through transformational acquisitions and operational excellence. Over the last 50+ years, Frontenac has built a franchise working with over 325 owners of mid-sized businesses as they address complex transition issues of liquidity, management enhancement, and growth planning. For more information, please visit www.frontenac.com.

About Sciens Water

An affiliate of Sciens Capital Management, which was founded in 1994, Sciens Water invests exclusively in the US water sector. Target areas include utilities, transmission and distribution infrastructure, including storage, treatment and recycling, and digital infrastructure. Sciens Water, with its deep sector engagement and specialty expertise partners with leading entrepreneurs to develop leading companies that solve actual problems in the sector, realizing substantial value while generating significant impact. For more information, please visit www.scienswater.com.